Novelos Therapeutics, Inc. Awarded $150,000 Grant by National Institutes of Health (NIH)

NEWTON, Mass.--(BUSINESS WIRE)--Novelos Therapeutics, Inc. (OTCBB: NVLT), a biopharmaceutical company focused on the development of therapeutics to treat cancer and hepatitis, today announced that Novelos, in collaboration with the Medical University of South Carolina (MUSC), was awarded a $150,000 competitive grant by the National Institutes of Health (NIH) under Phase I of the Small Business Technology Transfer (STTR) program. This grant will support further scientific development of NOV-002, Novelos’ lead compound in pivotal Phase 3 trial for non-small cell lung cancer under a Special Protocol Assessment (SPA) and Fast Track.